this rate hike, which will take effect on july 1, if nothing is done, would apply to new subsidized stafford loans issued undergraduates. with time running out, the house of representatives is the only chamber of congress that has acted to solve this problem. our students deserve better. we are in this big event because politicians put themselves in charge of setting interest rates, guaranteeing exactly this type of down to the wire uncertainty for students and their families. what we need is a long-term solution that gets washington out of the business of setting rates altogether. fortunately, president obama agrees, and in his budget, he offered a plan for long-term reform by tying interest rates to the market. heartened by that proposal, republicans put together a similar measure -- the smarter solutions for senate -- students act, and the house passed it last month, weeks before the deadline. but senate democrats have actively blocked the president's plant and refused to consider hours. in fact, they have yet to pass a solution of any kind.